Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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[Herald Interview] Why Toss invited hackers to penetrate its system
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[Graphic News] 77% of young Koreans still financially dependent
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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KRX, Busan to launch professional ping pong team
The Korea Exchange said Tuesday it signed an agreement with the city on Friday to launch a Busan-based professional table tennis team by next month. The envisioned team will take part in the Korea Table Tennis League in the upcoming regular season, which begins in late January. The KRX, South Korea’s bourse operator, said it will help find new talent, foster professionals and contribute to the local community as it runs the Busan-based team. “We will support outstanding players t
Aug. 23, 2022
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Seoul stocks tumble more than 1% on rate hike woes; Korean won continues decline
South Korean stocks fell more than 1 percent Tuesday as investors shunned risky assets amid concerns over further aggressive rate hikes by the US Federal Reserve. The Korean won continued to weaken against the US dollar following a sharp drop in the previous session. The Korea Composite Stock Price Index (KOSPI) lost 27.16 points, or 1.10 percent, to close at 2,435.34, extending the losing streak to a fifth session. Trading volume was moderate at 460.02 million shares worth 7.34 trillion won ($5
Aug. 23, 2022
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SK Networks invests W4b in metaverse developer Com2Verse
SK Networks has invested 4 billion won ($3 million) in Com2Verse, a metaverse-specialized subsidiary of South Korean game developer Com2uS, to explore business opportunities in the world of metaverse, officials said Tuesday. The two companies signed a memorandum of understanding to join forces in setting up and strengthening a metaverse ecosystem. The signing ceremony took place in the Com2Verse metaverse platform’s virtual auditorium on the previous day. According to officials, SK Net
Aug. 23, 2022
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Seoul shares open lower on worries over Fed's tightening; won further down
South Korea's stock market opened lower Tuesday as foreigners and institutions unloaded shares following overnight losses amid concerns over the Federal Reserve's monetary tightening. The Korean won continued to lose ground against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 15.39 points, or 0.62 percent, to trade at 2,447.11 points as of 9:15 a.m. Investors are awaiting Fed Chair Jerome Powell's comments on inflation and rate increases at the annua
Aug. 23, 2022
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Won slips anew as investors reassess US rate hike
The South Korean won breached the key psychological threshold of 1,300 won per US dollar, weakening to 1,340.2 won before closing at 1,339.8 won in onshore trading Monday -- a new low in 13 years prompted by a hawkish outlook on a US Federal Reserve’s rate hike in September. The 1,300 mark -- last crossed in April 2009 in the wake of the global financial crisis before June 2022 when it was touched again -- is considered a red flag for the economy. The benchmark Kospi lost 1
Aug. 22, 2022
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Crypto airdrop subject to gift tax, says Korean authorities
Cryptocurrency airdrop, which refers to a marketing stunt involving sending coins or tokens to wallet addresses, is legally subjected to gift tax, officials said Monday. The Ministry of Economy and Finance’s Tax and Custom’s Office said that crypto issuers delivering coins or tokens to wallets of traders for free is subjected to the nation’s gift tax under the Inheritance Tax and Gift Tax Act. The statement comes amid South Korea’s efforts to set a solid framework for c
Aug. 22, 2022
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Seoul shares open lower on rate hike woes; Korean won sharply down
Seoul shares opened lower Monday amid lingering concerns over the US Federal Reserve's aggressive monetary tightening. The Korean won opened sharply lower against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 33.72 points, or 1.35 percent, to trade at 2,458.97 points as of 9:15 a.m. Investors have been wary of the Fed's policy path, as the minutes of its July meeting released last week showed that the US central bank would continue to push for aggressive m
Aug. 22, 2022
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Kospi firms’ operating profits jump on Samsung Electronics
Companies on South Korea’s benchmark Kospi overall saw their combined operating profit in the first six months of this year rise 7 percent from a year earlier, thanks to Samsung Electronics, the biggest company on the main board by revenue. According to Korea Exchange data Friday, 696 firms on the Kospi reported 746 trillion won ($562.2 billion) in revenue between January and June, up 19 percent from the previous year. Operating profits came to 54 trillion won, a 7 percent jump. But the
Aug. 19, 2022
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Seoul shares open lower amid uncertainty over Fed's rate hikes
Seoul shares opened lower Friday amid uncertainty over the US Federal Reserve's future rate hikes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.53 points, or 0.42 percent, to trade at 2,497.52 points as of 9:15 a.m. Stocks came off to a lackluster start in the face of overnight gains on Wall Street. The Fed's latest minutes hinted at a possible slowdown in inflation growth. In July, the Fed raised its benchmark interest rate by 75 basis points for a second straight t
Aug. 19, 2022
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FSC issues warning over unregistered crypto firms
Investors are being discouraged from using 16 cryptocurrency services companies operating in South Korea without registration from the Financial Services Commission, the top financial regulator said Thursday. The firms, all foreign, are KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex and Pionex. The firms are expected to face police probes for having failed to report to the agency their plans to engage in business with Kor
Aug. 19, 2022
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Seoul shares down amid Fed rate hike woes; Korean won sharply down
Seoul shares closed lower Thursday as investors digested the Federal Reserve's minutes that hinted at more aggressive interest rate hikes to temper inflation. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.42 points, or 0.33 percent, to close at 2,508.05 points. Trading volume was moderate at about 370.84 million shares worth some 6.98 trillion won ($5.3 billion), with losers outnumbering gainers 542 to 301. Institutions sol
Aug. 18, 2022
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S. Korea's fiscal deficit widens W22tr in H1
South Korea's fiscal deficit increased 22.2 trillion won ($16.9 billion) in the first six months of this year from a year ago as the government revved up spending to tackle the fallout of the pandemic, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 101.9 trillion won in the January-June period, larger than a shortfall of 79.7 trillion won a year earlier, according to the finance ministry. The increased defici
Aug. 18, 2022
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Seoul shares open lower on Fed's minutes
Seoul shares opened lower Thursday, tracking losses on Wall Street, as the US Federal Reserve may keep up its aggressive monetary tightening amid global recession woes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 24.69 points, or 0.98 percent, to trade at 2,491.78 points as of 9:15 a.m. In the Fed's latest minutes, released Wednesday (US time), policymakers expected the economy to expand in the second half of 2022 and made it clear that they intend to continue raising rates
Aug. 18, 2022
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Regulator launches task force in push for crypto framework
A joint task force launched by the Financial Services Commission on Wednesday kicked off its first monthly meeting on setting up a framework for digital assets like bitcoin, a week after the top financial regulator said it would work to remove regulatory uncertainty facing South Korea’s crypto industry. Introducing a legal framework for cryptocurrencies is part of the larger deregulation initiative the FSC has been pursuing since President Yoon Suk-yeol, who had pledged to make that happe
Aug. 17, 2022
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Seoul shares snap 3-day winning streak ahead of Fed minutes release
Seoul shares snapped their three-day winning streak Wednesday as investors await the latest minutes of the Federal Reserve that will give them an idea of its future rate policy to combat high inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.05 points, or 0.67 percent, to close at 2,516.47 points. Trading volume was moderate at about 410 million shares worth some 7.04 trillion won ($5.4 billion), with losers outnumbering gainers
Aug. 17, 2022
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Samsung fund invests $15m in US biotech Senda
Samsung Life Science Fund has invested $15 million in US biotech Senda Biosciences in efforts to foster core technology of next-generation biopharmaceuticals, Samsung Biologics said Wednesday. Senda Biosciences is a therapeutics platform company specialized in programming to the cell by using the code from natural nanoparticles. The US biotech’s platform includes a messenger RNA engine and the first-ever atlas of nature-derived programmable systems at the molecular level and across all k
Aug. 17, 2022
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Seoul shares open higher ahead of Fed minutes
Seoul shares opened higher Wednesday as investors await the latest Federal Reserve's minutes that will give them an idea of its future rate policy to combat inflation. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.71 points, or 0.26 percent, to trade at 2,540.23 points as of 9:15 a.m. The main index got a boost amid market speculation that inflation pressure is peaking, making a global recession less likely, analysts said. The Fed minutes will be available Wednesday (US tim
Aug. 17, 2022
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FSS chief vows probe into suspicious short selling, wire transfers
The Financial Supervisory Service will look into financial institutions that handled an unusually large volume of short selling when the local markets were jumpy, the watchdog’s chief said Tuesday, as retail investors step up calls for greater oversight over the practice they say leaves them outgunned by institutional investors. Individual investors have long complained that the bearish market practice that profits from a drop in share prices is not as rewarding as it should be as regulat
Aug. 16, 2022
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Seoul stocks up for 3rd day on expectations of slower monetary tightening
South Korean shares advanced for a third straight session Tuesday amid investors' speculation that central banks in major economies may tone down their monetary tightening after weak economic data from China. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 5.58 points, or 0.22 percent, to close at 2,533.52 points. Trading volume was moderate at about 389 million shares worth some 7.9 trillion won ($6 billion), with losers outnumbering
Aug. 16, 2022
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S. Korean retail investors rush to overseas ETFs under bear market signals
South Korean retail investors have been bagging up overseas exchange traded-funds in recent weeks as the global stock market has been struggling under bear market signals, data showed Tuesday. Retail investors interested in overseas investments have added more high-return, high-risk ETFs to their portfolios, seeking to profit from the volatile global market. Of the top 10 overseas investments from local investors from July 13 to Friday, seven were ETFs, latest data compiled by the Korea Secur
Aug. 16, 2022